South Korean won hits 13-month high against U.S. dollar
Currency strengthens as exporters sell dollars ahead of Jackson Hole symposium
Quick Look
- The South Korean won reached its strongest level since July 2023, trading at 1,372.5 per dollar.
- The gain was driven by exporter dollar-selling ahead of the Jackson Hole Economic Policy Symposium, despite a 1.79% decline in the KOSPI index.
AI-generated summary
Why It Matters
The won has been strengthening as local exporters sell dollars. The market is focused on upcoming Federal Reserve commentary regarding U.S. fiscal debt.
SEOUL, Aug. 28 (Yonhap) -- The South Korean won extended its gains and hit an over 13-month high against the U.S. dollar Friday, as exporters sold dollars while traders awaited what would come out of the U.S. monetary policy event held in Jackson Hole.
The won was quoted at 1,372.5 won per dollar at 3:30 p.m., up 8.4 won from the close of the previous stock trading session.
It marked the strongest level since July 24 last year, when the won stood at 1,367.2 per dollar.
The won's advance came as dollar-selling by local exporters has gained pace since the won rose past the level of 1,400 per dollar.
Federal Reserve Chair Kevin Warsh was set to deliver a speech at the Jackson Hole Economic Policy Symposium, amid growing concerns about U.S. fiscal debts.
Meanwhile, foreigners sold a net 1.7 trillion won (US$1.24 billion) worth of local stocks during the latest trading session, with the benchmark Korea Composite Stock Price Index falling 1.79 percent to close at 6,788.88.
What to Watch
AI outlook — possibilities, not facts
Market volatility following Jackson Hole symposium speech
Likely · Within days
Open Questions
- What specific policy signals will emerge from Jackson Hole?
- Will foreign selling of KOSPI stocks continue?
